Engagement Labs TotalSocial® Version 3.0 Enhances Predictive Analytics with Artificial Intelligence and New Proprietary Algorithms
TotalSocial® Now Provides Marketers with Faster, More Powerful Data and Predictive Analytics to Identify Social Media and Word of Mouth Strategies to Boost Consumer Sales
Montreal, QC/New Brunswick, NJ (January 30, 2018) — Engagement Labs Inc. (TSX VENTURE:EL) today announced the release of TotalSocial® version 3.0, which incorporates an artificial intelligence (AI) and machine learning engine designed to accelerate the identification of opportunities and strategies for marketers who seek to increase effectiveness and drive sales through social media and offline word of mouth conversations.
The proprietary algorithms are powered by Engagement Labs’ AI and machine learning capability, which rapidly builds hundreds of predictive models using more than 100 variables in millions of possible combinations to identify the factors that predict sales and other key performance indicators for brands. The new automated processes can also quickly test the stability and reliability of the models’ results.
These new enhancements were recently validated in a study by Engagement Labs which found that 19 percent of consumer sales –between $7-10 trillion in annual spending – can be attributed to social conversations, and that both offline and online conversations are nearly equal in their contribution to that sales impact. The study, which was the largest ever to take into account both offline word of mouth as well as social media conversations, was conducted in partnership with Koen Pauwels, Professor of Marketing at Northeastern University and a leading authority on the intersection of marketing productivity, metrics and social media. Pauwels plans to publish the results of the research in a leading academic journal.
“Marketers need faster ways to generate actionable insights that can drive better business outcomes,” said Engagement Labs’ CEO Ed Keller. “By applying machine learning techniques to our TotalSocial® platform, we can pinpoint the actions that have the highest ROI that marketers can use to improve their TotalSocial® performance, marketing strategies and ultimately, sales.”
TotalSocial® is a patent pending data and analytics platform, uniquely providing brands and companies with a comprehensive view of the social ecosystem and its impact on their business. Engagement Labs continues to grow its roster of Fortune 500 brands from a range of sectors including financial services, telecom, media, sports, food, beauty and software. TotalSocial® is the only platform that combines online data about brand conversations that take place via social media, with offline data via word of mouth conversations. The platform has a proprietary 10-year database of offline conversation built by Engagement Labs, the only such source of offline data about brands, and is a major source of competitive advantage. These data feed the company’s predictive analytics engine, which uses proprietary algorithms and machine learning to forecast future sales and provide marketers with better insights, improved marketing ROI and increased sales. To learn more, visit www.engagementlabs.com / www.totalsocial.com.
About Engagement Labs
Engagement Labs (TSXV: EL) provides the world’s leading brands with a unique and powerful way to drive sales and improve marketing ROI. Our TotalSocial® technology platform combines social media listening metrics and with the world’s only ongoing measure of offline word of mouth into a single, integrated solution, to allow marketers the ability to measure performance, diagnose areas of weakness and opportunity, and identify specific strategies and tactics to increase sales and improve marketing ROI. Our proprietary predictive analytics tie TotalSocial® metrics to critical business outcomes. Engagement Labs has offices in the US, the UK and Canada.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, Engagement Labs does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
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Ed Keller, CEO